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Narnia Group: Guofu Haohua appointed as the new auditor, continues to suspend trading.
Narnia Group (08607) announced that Guofu Haohua has completed its internal approval process and has been appointed as the new auditor of the company, effective from July 12, 2024, and will serve until the end of the next shareholders' annual meeting. In addition, the company's shares remain suspended from trading.
Narnia Group (08607): Guofu Haohua has been appointed as the new auditor and the trading suspension will continue.
Narnia Group (08607) announced that Guofu Haohua has completed its internal approval process and has been appointed as the company's new auditor, effective July 12, 2024, until the end of the next shareholder annual meeting. In addition, the company's shares remain suspended.
Changjiang Securities' Special Report on Textiles, Outfits, and Luxury Goods: Weak Demand in North America, and Elasticity of Replenishing Inventory Needs Observation.
Looking ahead, it is expected that inventory replenishment will continue, with the elasticity of replenishment depending on the strength of demand recovery at the end. The overseas apparel retail industry has gradually entered the tail end of destocking since 2022Q3, and the pace and continuity of export chain recovery depends on the pace of replenishment, while the elasticity of recovery depends on the strength of demand recovery at the end.
Narnia Group (08607) is actively discussing with professional advisors to formulate a feasible resumption plan.
Narnia Group (08607) announced that an independent committee has appointed an independent investigation team to investigate and produce a report on the matter (the report). The report is expected to be completed in mid-July 2024. The company will publish the investigation results after the report is completed. The company has been actively discussing with professional consultants to formulate a feasible resumption plan to meet the requirements under the resumption guidance and promote the resumption progress. Specifically, the audit committee will discuss the investigation results of the report with Guofuhao and formulate an audit plan for the 2023 annual performance.
Citic Sec: supply pattern continues to optimize, viscose staple fiber industry is expected to emerge from the downturn.
Viscose staple fiber is one of the three major textile fibers, combining the advantages of both synthetic and natural fibers.
Narnia Group announced its first quarterly performance, with revenue decreasing by 15.9% year-on-year to about 35.4 million yuan.
Narnia Group (08607) announced its first-quarter results for the three months period ending March 31, 2024. The revenue decreased by 15.9% YoY to approximately RMB 35.4 million, while the gross profit increased by 66.7% YoY to approximately RMB 4 million. The net profit was 0.147 million yuan, compared to a net loss of 5.745 million yuan in the same period last year, with an earnings per share of 0.02. The announcement stated that the main reason for the decrease in revenue was due to a decrease in sales volume during the reporting period.
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